Formula 1 will continue to visit China for the next three years after announcing a new contract for the race in Shanghai lasting until the end of 2020.

China first hosted F1 at the Shanghai International Circuit back in 2004, joining the calendar as part of the sport’s push into Asia that also saw the likes of Bahrain, Singapore, Abu Dhabi and Korea stage races.

The race’s pre-existing contract expired after this year’s running in April, but F1’s new bosses were keen to keep the race on the calendar given the size and importance of the Chinese market.

On Friday, F1 issued a statement confirming a new three-year deal had been agreed with the promoters of the race in Shanghai, securing its place on the calendar through to the end of 2020.

“We are very pleased to have reached an agreement which will see the Formula 1 Chinese Grand Prix continue as a fixture of the Formula 1 World Championship for at least a furthe three years,” F1 CEO and chairman Chase Carey said.

“This great country has already demonstrated an overwhelming show of interest in our sport and we firmly believe there is still a great deal of unexplored potential here. That’s why this renewed agreement is so important as part of our development strategy, especially in this part of the world.

“We and our partners in this venture want to make this Formula 1 Chinese Grand Prix even more spectacular, while bringing Chinese fans ever closer to the sport.

“Finally, we wish to thank the Shanghai Municipal Government for the support it has given and continues to give to the Grand Prix, which has been a crucial element of its success.”